1046 ET - U.S. home prices increased 0.27% month-over-month in July, Redfin says. That's essentially flat from a 0.28% growth rate in June. Prices rose 3.4% from a year earlier, the fastest annual growth in a year. Buyers are still contending with high housing costs including high mortgage rates keeping a lid on demand. At the same time, there are hundreds of thousands more sellers than buyers in the market. The strong luxury market is one reason why price growth remains fairly strong despite tepid demand, Redfin says. Luxury home prices are rising faster than non-luxury prices. Wealthy homebuyers are having an outsized impact on home-price growth, especially in affluent markets like the Bay Area and South Florida. Home prices rose in 29 major U.S. metros month-over-month on a seasonally adjusted basis in July, according to Redfin.